Perelman to Sell Scientific Games Stake to Caledonia Group (1)

Billionaire Ronald Perelman has agreed to sell his stake in Scientific Games Corp. to a group of investors that includes Australian investment firm Caledonia, which plans to overhaul the betting company’s board and strategy.

The acquirers are set to pay $28 per share for Perelman’s 34.9% stake in Las Vegas-based Scientific Games, which provides gambling products and services such as slot machines, the company said in a statement on Monday, confirming an earlier Bloomberg News report. That’s a 48% premium to the company’s closing price Friday of $18.97 and values the stake at about $925 million.

Shares of Scientific Games ...